Tag Archives: gap

ES Gaps Open Higher, New All Time High




ES balance at all time high

The ES gapped open higher from Friday’s very small 5 1/2 point trading range. A slow grind higher took price to another new all time high (June contract) at 2402.25 in D period, but failed to reach the Globex all time high at 2403.75.

Value was clearly higher from the prior session with price one timeframing higher through the first four 30 minute periods before balancing for the remainder of the low volume, slow paced trading session. The wider the POC forms the harder it can be for price to trade away from it. Monday’s POC hovered around 2400.00 from the 5th period on, ending the session 10 TPO’s wide at 2398.75.

If the market opens inside the range on Tuesday, the wide point of control could be an important early short term reference.




Acceptance above Tuesday’s POC, or fairest price, targets the all high at 2402.25 and potentially challenges the Globex all time high from May 7th at 2403.75. While they can last for some time, all time highs made in the Globex session have always been revisited during a U.S. regular trading hours session. It doesn’t have to happen, but historically it always has.

The pullback low at the J/K, L, M and N periods were all within a tick of one another, showing very mechanical buying in that area. Price acceptance below Monday’s POC should easily test that level, trading below it could trigger any stops, putting price into the excess single prints from A period with the potential to test Monday’s low and gap fill from Friday at 2390.00.

Market Profile references below Friday’s high are the very prominent naked point of control at 2386.75 and poor low from May 11th at 2379.00.

(the above, post and all posts on es-traders.com, is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)

from May 7th

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ES Gaps Open Higher Following Macron’s First Round French Presidential Election Win. New Trading Range or Island Reversal?

The ES gapped open higher over 24 points on Monday, breaking out of Friday’s inside day and the prior inside week before the Market opened. Sunday’s Globex session open, at 2365.75, was 18 1/2 points above Friday’s 2347.25 pit session close.

After the US market opened, the day’s opportunities were confined to just an 8 1/4 point, low confidence, slow paced trading session that failed to even trade to either the overnight low or high (Globex range = 11.5 points).

US pit session Market Profile chart

island reversal or new trading range

Potential balance trading scenarios could apply for Tuesday’s regular trading session, depending on where price is at the open:

  • look above Monday’s high, repair the poor high from April 5th at 2375.00 and continue higher on a potential quest for a new all time high.
  • look above Monday’s high and fail, potential destination target at Monday’s poor low.
  • look below Monday’s poor low and accelerate, finding acceptance and attempt to fill the prior week’s gap.
  • look below Monday’s low, repairing the poor low, and return back into balance potentially targeting Monday’s high.
  • Remain in balance. It is not unusual for price to form a new trading range after a large gap open to begin a new week, as large gaps are rarely filled on the day or the day after they’re created.
  • (the above post and all posts on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS WEBSITE. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Please read our disclaimer)

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